ANL 10.96 Decreased By ▼ -0.16 (-1.44%)
ASC 10.05 Increased By ▲ 0.07 (0.7%)
ASL 12.05 Increased By ▲ 0.20 (1.69%)
AVN 71.10 Decreased By ▼ -0.14 (-0.2%)
BOP 6.00 Increased By ▲ 0.05 (0.84%)
CNERGY 5.27 No Change ▼ 0.00 (0%)
FFL 7.15 Increased By ▲ 0.45 (6.72%)
FNEL 6.15 Increased By ▲ 0.05 (0.82%)
GGGL 11.75 Decreased By ▼ -0.11 (-0.93%)
GGL 15.85 Decreased By ▼ -0.07 (-0.44%)
GTECH 9.30 Decreased By ▼ -0.05 (-0.53%)
HUMNL 6.61 Increased By ▲ 0.05 (0.76%)
KEL 2.55 Decreased By ▼ -0.03 (-1.16%)
KOSM 3.06 No Change ▼ 0.00 (0%)
MLCF 28.60 Decreased By ▼ -0.10 (-0.35%)
PACE 2.98 Decreased By ▼ -0.01 (-0.33%)
PIBTL 6.04 Decreased By ▼ -0.05 (-0.82%)
PRL 15.66 Increased By ▲ 0.61 (4.05%)
PTC 7.30 Increased By ▲ 0.13 (1.81%)
SILK 1.31 Increased By ▲ 0.07 (5.65%)
SNGP 26.50 Increased By ▲ 0.35 (1.34%)
TELE 10.82 Decreased By ▼ -0.13 (-1.19%)
TPL 9.03 Decreased By ▼ -0.02 (-0.22%)
TPLP 15.85 Decreased By ▼ -0.07 (-0.44%)
TREET 29.90 No Change ▼ 0.00 (0%)
TRG 75.70 Decreased By ▼ -1.30 (-1.69%)
UNITY 22.42 Decreased By ▼ -0.03 (-0.13%)
WAVES 13.50 Increased By ▲ 0.55 (4.25%)
WTL 1.62 Increased By ▲ 0.07 (4.52%)
YOUW 5.02 Decreased By ▼ -0.02 (-0.4%)
BR100 4,281 Increased By 8.1 (0.19%)
BR30 14,910 Increased By 12.9 (0.09%)
KSE100 43,101 Increased By 117.3 (0.27%)
KSE30 16,367 Increased By 17 (0.1%)
Markets

Gold prices at 3-1/2-month high on weaker dollar, inflation anxiety

  • Investors now await minutes of the US Fed's last meeting, due on Wednesday, for more cues on the US central bank's monetary policy.
18 May, 2021

Gold prices on Tuesday rose to their highest in more than three months as a weaker US dollar and grwoing inflationary pressure lifted bullion's appeal as an inflation hedge.

FUNDAMENTALS

Spot gold was up 0.2% at $1,868.89 per ounce by 0101 GMT, after hitting its highest since Feb. 1 in early Asian trade.

US gold futures rose 0.1% to $1,869.40 per ounce.

The dollar teetered near multi-month lows against European currencies. A weaker greenback makes gold more appealing for other currency holders.

Recent economic readings out of the United States have sparked concerns over rising inflation and raised bets over an earlier-than-expected Federal Reserve rate hike.

Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year.

Gold tends to benefit from lower interest rate environment as it reduces the opportunity cost of holding non-yielding bullion.

Investors now await minutes of the US Fed's last meeting, due on Wednesday, for more cues on the US central bank's monetary policy.

Japan's economy shrank more than expected in the first quarter as the slow vaccine rollout and a resurgence in COVID-19 infections hit consumption.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.7% to 1,035.93 tonnes on Monday from 1,028.36 tonnes in the prior session.

Palladium gained 0.3% to $2,911 per ounce, silver rose 0.2% to $28.23 and platinum edged 0.2% higher to $1,242.27.

Comments

Comments are closed.